In a case against Dallas billionaires Sam Wyly and the estate of his late brother, Charles, Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York agreed with the U.S. Securities and Exchange...more

In the pre-Uniform Trust Code UTC), unless the terms of a revocable inter vivos trust provided otherwise, the trust could not have been revoked by the settlor’s will. A will speaks at the time of the testator’s death, an...more

On February 11, 2014, the United States Tax Court issued a memorandum opinion (i) determining the proper method for valuing a holding company (i.e., an S or C corporation holding marketable securities or appreciated...more

The IRS has issued updated reporting regulations under Code Sections 1291, 1298, 6038 and 6046. A lot of the changes are technical definitions, and relate to updates from proposed regulations going back to 1992. ...more

The person designated in the terms of a trust as its settlor (creator) may not necessarily be its true settlor (creator). Appearances are often deceiving in the world of the trust. Charles E. Rounds, Jr. explains in §8.43 of...more

A significant amount of press attention has been given to an unusual press release filed with the SEC yesterday by Iron Mountain regarding its planned conversion to a real estate investment trust (REIT). Iron Mountain said...more

Proving that celebrities are not above the law, the IRS recently served rapper Lil’ Kim with a tax lien for allegedly dodging more than $1 million in taxes.
While it is celebrity tax stories that most often make the...more

Recent publication of the Discount for Lack of Marketability(DLOM) Job aid for IRS Valuation
Professionals has brought fresh scrutiny to the various methods used by valuation practitioners for determining discount for lack of...more

This year – 2010 – has been the year of the Roth IRA, with new rules in place permitting taxpayers in any income tax category to convert their traditional IRAs to Roth IRAs. There has been a plethora of discussion and...more

Excellent Estate Planning Opportunities in the Current Market:
Due to exceptionally low interest rates, it is a great time to remove certain assets expected to appreciate in the future (such as marketable securities and...more